Perth property investment is all about keeping an eye on trends and indications from the market in order to make an informed decision. By keeping up with the latest news, property investors are more likely to identify a good time to buy or sell their property and make wiser decisions with their investments. Here are some factors that have dominatedPerth property news recently.
1. Short supply of property listings
A decrease in property listingsgenerally drive demand and price up. Recent findings from the Real Estate Institute of Western Australia have shown that properties for sale in metropolitan Perth have fallen to 8,429 recently, compared to 14,092 at the same time last year. WA’s population is said to be growing at a substantial rate of around 1,000 people per week, which could be due to the mining boom, increased job opportunities and external factors such as financial conditions in parts of Europe. This consistent growth in population could also contribute to a rise in demand for properties. As people are sensing increased competition, they could be more likely to make quicker purchase decisions, which can be a good opportunity for those looking to sell property. Another good reason to stay ahead of Perth property news.
2. Hungry first home buyers
First home buyers have been reported in Perth property newsas very active in the local property market over the last few months. As prices are forcing many out of central areas, some are looking to new land estates with good links to public transport.A large benefit in these areas is the fact that houses are new and require less maintenance than older properties. Others choose to buy established properties in more central areas so they’re closer to work or family, renovating if they need to.
First home buyers tend to be in their 20s or 30s, and as a result cultural attractions such as coffee strips, bars and clubs and restaurants can add appeal to someone looking to buy their first home. Developments such as new train lines, cultural areasand new entertainment venues may also contribute to an increase in demand for certain areas for this target market. It’s certainly worth keeping an eye on Perth property news to identify potential insights and trends for the future regarding first home buyers.
3. Improved market confidence
People who are looking to trade up for their second home are often looking at properties around the million dollar mark. Landgate’s February report indicated a recent rise in people purchasing properties over this amount, which could indicate that the market is coming back to a more regular activity rate. Interest rates are also relatively low at the moment, which could be another contributor to market confidence. Many will be keen to take advantage of lower interest repayments, particularly with the ever-increasing cost of living. Taking these Perth property news factors into account, there could be an indication that people are looking to invest.
These are just a few of the latest trends that seem to be dominating news about the Perth property market. Staying aware of Perth property news may give investors and property owners the chance to stay ahead of the pack and make wiser decisions about their investments. If they can correctly interpret news stories to identify possible trends, forecasts and indications, they are more likely to succeed in the market.